Reebok 2006 Annual Report Download - page 159
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Notes ›155
3 » Discontinued Operations
On May 2, 2005, the Group announced the planned divestiture of the Salomon business seg-
ment to Amer Sports Corporation. The transaction was formally completed on October 19,
2005, with effect from September 30, 2005. The final debt-free purchase price was € 497 mil-
lion. A first payment of € 460 million was received in October 2005. The remaining amount was
paid in the first quarter of 2006.
The Salomon business segment included the related subsidiaries and brands Salomon,
Mavic, Bonfire, Arc’Teryx and Cliché.
4 » Assets/Liabilities Classified as Held-for-Sale
Part of the assets of GEV Grundstücksgesellschaft Herzogenaurach mbH & Co. KG and adidas
AG as well as assets of Immobilieninvest und Betriebsgesellschaft Herzo-Base GmbH & Co.
KG within the HQ/Consolidation segment are presented as disposal groups held-for-sale fol-
lowing a Memorandum of Understanding signed by the Group’s Management on December 21,
2006. Selling negotiations have commenced, and these sales are expected to be completed by
March 2007 and June 2007, respectively. At December 31, 2006, the disposal groups contained
assets of € 59 million less liabilities of € 4 million.
Analysis of the Result of Discontinued Operations € in millions
2005
Net sales 360
Expenses 382
Income from discontinued operations before taxes (22)
Income taxes (2)
Income from discontinued operations after taxes (20)
Gain/(loss) recognized on the measurement to fair
value less cost to sell (14)
Income taxes 10
Gain/(loss) recognized on the measurement to fair
value less cost to sell, net of tax (24)
Income from discontinued operations, net of tax (44)
Basic earnings per share from discontinued operations (in €) 1) (0.24)
Diluted earnings per share from discontinued operations (in €) 1) (0.22)
1) Figures adjusted for 1:4 share split conducted on June 6, 2006.
Assets Classified as Held-for-Sale € in millions
Dec. 31
2006
Accounts receivable and other current assets 29
Property, plant and equipment, net 30
Total 59
Liabilities Classified as Held-for-Sale € in millions
Dec. 31
2006
Accounts payable and other current liabilities 2
Provisions 2
Total 4